CMHC / GENWORTH FINANCIAL INSURANCE
TIPP is the Tax Installment Payment Plan that allows property owners to pay their Property Tax in 12 monthly installments, rather than a single annual payment
HOW DOES TIPP WORK?
Payments are made on the first of each month by automatic withdrawal from a bank account
IS THERE A CHARGE TO JOIN?
Not all cities offer the TIPP program, but those that do participate do not charge for this service if you start the program January 1. If you join after January 1 there is a 2% filing fee based on the missed installments. An initial payment of the missed installments plus the filing fee must be paid at the time of application
WHAT IF AN ADJUSTMENT IS MADE TO MY TAX ACCOUNT?
Adjustments to your tax account may be made during the year due to a decrease or increase in your assessed value. You will be given 30 days notice unless other arrangements have been made. They work as follows:
The monthly installment will continue until your account is paid in full. The final installment will bring your account to a zero balance.
The monthly installment will automatically be adjusted for increases received prior to November. After November 1, increases are due and payable by the due date or you may contact the TIPP Customer Service Centre for alternate arrangements.
In December all accounts are reviewed. If an adjustment is made to your account you will be notified.
SUPPLEMENTARY TAXES AND TIPP
A supplementary tax bill is issued when a building or residence is completed or has had
TWO WEEKS WRITTEN NOTIFICATION IS REQUIRED
- To change banking information, you need to provide a new ‘VOID’ cheque
- To stop withdrawals when your property is sold
- To cancel the program for any other reason
- If you withdraw or your plan is
cancelled, all unpaid taxes are due and payable, subject to penalties in accordance with the Penalty By-law. TIPP payments are neither refundable nor transferable
If any payment is missed, The City has the option to cancel the agreement and request payment of the total outstanding taxes.
TO JOIN TIPP YOU NEED TO…
- Have a bank account
- Fill out an application
- Provide a sample cheque marked “VOID”
NOTE: Line of Credit and credit card accounts CANNOT be used for the TIPP program. If you pay Principal Interest and Taxes (PIT) to a mortgage company you must contact them prior to joining TIPP otherwise you will overpay your tax account (two monthly payments would be made in this case).